Shanghai Yiguo E-Commerce Co., Ltd. completed the acquisition of 21.17% stake in Lianhua Supermarket Holdings Co., Ltd. from Yonghui Superstores Co., Ltd..
December 27, 2016
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Shanghai Yiguo E-Commerce Co., Ltd. entered into an equity transfer framework agreement to acquire 21.17% stake in Lianhua Supermarket Holdings Co., Ltd. (SEHK:980) from Yonghui Superstores Co., Ltd. (SHSE:601933) for approximately HKD 850 million on December 23, 2016. Shanghai Yiguo will acquire 237.03 million domestic shares for HKD 4.01 (CNY 3.6) per share. The deal is subject to obtaining the approval by the internal authorized authorities of each of Yonghui Superstores and Shanghai Yiguo and relevant government authorities in the People's Republic of China. The transaction was approved by Board of Directors of Yonghui Superstores Co., Ltd. The currency conversions were done from www.oanda.com on December 23, 2016. Credit Suisse (USA), Inc. acted as financial advisor to Shanghai Yiguo E-Commerce Co., Ltd.
Shanghai Yiguo E-Commerce Co., Ltd. completed the acquisition of 21.17% stake in Lianhua Supermarket Holdings Co., Ltd. (SEHK:980) from Yonghui Superstores Co., Ltd. (SHSE:601933) on December 28, 2016.
Yonghui Superstores Co Ltd is a China-based company, principally engaged in the operation of regular chain supermarkets. The Company primarily engages in the dealing of fresh meat products, agricultural products, processed foods, daily necessities, clothing, household appliances, electronic products and imported goods, among others. The Company operates its businesses principally through the operation of general merchandise stores, superstores and supermarkets, among others. The Company is also engaged in the provision of related services. The Company mainly conducts its businesses within domestic markets.